Headlands Hotel, Austinmer, NSW.

 

1 Yuruga Street

 

Project Realisation:  $5.5m

Sale Process:            Expressions of Interest

CMF Appointment:   Sales & Marketing Agent

 

Headlands Hotel had a chequered past with five owners and 15 Development Applications lodged over a 28 year period. This 9000sqm+ property had previously been sold to a local family who tried to gain consent for yet another scheme in contravention of the Council’s tourism zoning. Unfortunately for the owners their financier stepped in after the Land Environment Court dismissed the appeal and appointed a Receiver to sell the property.

CMF was appointed alongside Colliers International to market the property on behalf of the Receiver. Whilst the property received more than 60 enquiries and a dozen Expressions of Interest the financier did not accept an offer.

Approximately 12 months later a party introduced by CMF re-entered negotiations with the financier and terms were agreed at the same price negotiated nearly a year before.. 

Ironically the approved development was very similar to a D.A attained for the site some 10 years earlier. It included the provision of; 69 serviced apartments; a family restaurant and bar and; function rooms.

After 10 or more years as a blight on the landscape the new development will be a welcome relief to residents and provide a great boost to local employment and tourism. 

 

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